PM Edition: Here are the top 10 business articles on LiveNews.co.nz for August 6, 2026 – Full Text
1. Investment Sector – The 2026 Billionaire Wealth Race: Who Is Getting Richer the Fastest
August 5, 2026
Source: BestBrokers.com
Paul Hoffman
August 4, 2026
The world’s billionaires continue to accumulate wealth on an extraordinary scale, with many of the world’s richest individuals seeing their fortunes grow by hundreds of billions of dollars in a single year. Others were not so lucky, shedding significant chunks of their net worth over the past twelve months. While the rapid expansion of artificial intelligence and technology has created striking gains for some of the world’s most prominent entrepreneurs, billionaire wealth creation extends far beyond tech, spanning industries from finance and manufacturing to retail, energy, and real estate.
This is what inspired the team at BestBrokers to analyse the Forbes Real-Time Billionaire List as of 27 July 2026. To establish an accurate year-on-year comparison, we used the Wayback Machine to retrieve an archived version of the Forbes list dated 27 July 2025 and recorded each billionaire’s real-time net worth. We tracked how each individual’s fortune changed over the year to identify the biggest increases and declines in wealth, while also examining how billionaire wealth is currently distributed across countries and industries.
Where the World’s Billionaires Live
There are currently 3,356 billionaires in the world, with a disproportionate share concentrated in just a handful of countries. The world’s most populous nations are, perhaps unsurprisingly, also home to some of the largest billionaire populations. The United States leads by a considerable margin, with 990 billionaires, accounting for 29.5% of the global total. The country is also home to nine of the world’s ten richest people, including Elon Musk, Larry Page and Michael Dell. Collectively, U.S. billionaires are worth a staggering $8.43 trillion. Canada ranks second in North America with 78 billionaires worth $449.5 billion, with cryptocurrency entrepreneur Changpeng Zhao standing out as the country’s richest billionaire with a net worth of $107.6 billion. Mexico is home to 24 billionaires with a combined fortune of $258.6 billion, led by business oligarch and investor Carlos Slim Helú, whose $125.4 billion fortune makes him the richest person in Latin America.
China is Asia’s largest billionaire hub and the country with the second-most billionaires globally, with 511 billionaires collectively worth an estimated $2.06 trillion. Much like the U.S., China’s wealthiest billionaires are heavily concentrated in the technology sector, led by ByteDance founder Zhang Yiming, the country’s richest person with a net worth of $69.3 billion. Hong Kong is home to a further 69 billionaires, whose combined wealth stands at $410.4 billion. India’s billionaire wealth is spread across a much wider range of industries, from conglomerates and infrastructure to pharmaceuticals, manufacturing, retail and telecoms, with Mukesh Ambani ($86.8 billion) and Gautam Adani ($85.2 billion) leading the country’s wealth rankings. Other major billionaire hubs in Asia include Taiwan, which is home to 63 billionaires worth $272.2 billion, led by art collector and businessman Pierre Chen ($17.6 billion), and Singapore, with 57 billionaires worth a combined $155.4 billion, led by businessman Jason Chang with a net worth of $20.3 billion.
Germany has Europe’s largest billionaire population, with 205 billionaires whose combined fortunes total $944.8 billion. The country’s richest is Lidl chairman Dieter Schwarz, worth $59.1 billion. Italy is next with 80 billionaires worth $465.0 billion, with cryptocurrency entrepreneur Giancarlo Devasin in the lead, whose $89.3 billion fortune makes him Italy’s richest person. The UK has 60 billionaires worth a combined $278.6 billion, led by hedge fund manager Michael Platt with $20.9 billion. France, despite having fewer billionaires than the UK with 53, has more than twice its combined billionaire wealth at $574.6 billion. The difference is largely driven by the country’s concentration of major fashion and luxury fortunes, with just four billionaires: Bernard Arnault (LVMH), Françoise Bettencourt Meyers (L’Oréal), Alain and Gérard Wertheimer (Chanel) holding a combined net worth of $311.7 billion, or 54.2% of France’s total billionaire wealth.
South America’s billionaire population is overwhelmingly concentrated in Brazil, which is home to 73 billionaires worth a combined $269.3 billion. The country’s richest is Facebook co-founder Eduardo Saverin, worth $33.1 billion, followed by banking heiress Vicky Safra at $25.3 billion and investment veteran Jorge Paulo Lemann at $19.8 billion. Colombia has six billionaires worth $63.8 billion, led by banking and infrastructure tycoon Jaime Gilinski Bacal with $16.9 billion, while Argentina’s five billionaires are worth $20.7 billion, led by Mercado Libre founder Marcos Galperin with $7.4 billion.
Australia is home to 57 billionaires worth a combined $242.8 billion, led by mining magnate Gina Rinehart with a fortune of $25 billion, followed by property developer Harry Triguboff and mining billionaire Andrew Forrest. Africa is home to 29 billionaires across eight countries, with a combined fortune of $143.2 billion. Nigeria leads the continent with four billionaires worth $53 billion, and it is also home to Africa’s richest person, businessman Aliko Dangote, whose $31.2 billion fortune accounts for more than half of the country’s billionaire wealth. South Africa follows with seven billionaires worth $42.7 billion, led by luxury goods magnate Johann Rupert at $17.6 billion. Egypt has six billionaires worth $23.9 billion, while Morocco has three worth $4.7 billion.
Billionaires Who Gained the Most Wealth in One Year
Elon Musk, the world’s richest person, also recorded the largest increase in net worth between 2025 and 2026. After briefly becoming the world’s first trillionaire following the initial public offering of SpaceX, his net worth stood at $725.1 billion on 27 July 2026, up from $405.6 billion a year earlier. This means that his net worth increased by $319.5 billion over the past year, equivalent to roughly $875 million in additional wealth every day since last year.
Dell Technologies founder and CEO Michael Dell recorded the second-largest increase, adding $107.6 billion to his fortune over the same period. Google co-founders Larry Page and Sergey Brin ranked third and fourth, increasing their net worths by $104.3 billion and $91.2 billion, respectively. The scale of these gains highlights just how strongly the world’s largest technology companies have contributed to billionaire wealth creation over the past year, with soaring valuations and investor enthusiasm translating into enormous increases in the fortunes of their founders and major shareholders.
Crypto also produced some of the year’s biggest individual wealth gains. Italian businessman Giancarlo Devasini, whose fortune is closely tied to stablecoin giant Tether, saw his net worth rise from $22.4 billion in 2025 to $89.3 billion in 2026, an increase of $66.9 billion. Other major cryptocurrency billionaires also recorded substantial gains, including Binance founder Changpeng Zhao and Tether executives Jean-Louis van der Velde and Paolo Ardoino, who added $36.4 billion and $29 billion to their net worths over the course of a year, respectively.
DeepSeek Founder Is the Person With the Fastest Growing Fortune
It is one thing to have billions of dollars at your disposal and steadily grow that fortune through smart investments, business expansion and rising asset values. It is another thing entirely to build a multibillion-dollar fortune in the space of just one year. Yet some of the world’s billionaires have seen their net worth increase at extraordinary rates between 2025 and 2026, with the fastest-growing fortunes expanding ten-fold or even more.
Artificial intelligence is at the centre of some of the most dramatic increases. As investment and demand continue to pour into AI models, infrastructure, and applications, the founders and early backers of some of the sector’s most closely watched companies have seen their fortunes surge. Chinese AI entrepreneur Liang Wenfeng is perhaps the clearest example. The founder of DeepSeek, the high-performance AI chatbot that reached impressive compute power at a fraction of the price of leading U.S. large-language models last year, saw his estimated net worth skyrocket from just $1 billion in 2025 to $39.5 billion in 2026 – representing an extraordinary 3,850% increase in a single year, placing him in the top 50 richest people in the world.
The founders of Claude maker Anthropic have experienced a similarly dramatic revaluation. Tom Brown, Jack Clark, Sam McCandlish, Jared Kaplan, Daniela Amodei, Dario Amodei, and Christopher Olah all saw their estimated fortunes rise from $1.2 billion to $15.5 billion, an increase of 1,191.67%. The surge reflects the extraordinary rise in the valuation of the AI company, as investors have poured billions of dollars into the race to develop increasingly capable foundation models and AI applications.
Brett Adcock, founder and CEO of robotics company Figure AI, saw his fortune climb from $1.5 billion to $19.1 billion, an increase of more than 1,170%. Figure AI’s focus on humanoid robots places Adcock at the intersection of two of the fastest-growing areas of technology, as investors increasingly bet on the convergence of artificial intelligence and physical automation.
The gains are also spreading further down the AI supply chain. Chinese telecom and optical component manufacturers have become increasingly important to the infrastructure supporting the AI boom, helping provide the high-speed networking and connectivity required by increasingly powerful data centres. Wang Weixiu, whose fortune is tied to Zhongji Innolight, saw his net worth increase from $4.5 billion to $26.4 billion, a 486.67% increase. Meanwhile, Zou Zhinong of ZTE had his fortune rise from $2.9 billion to $12.5 billion, a 331.03% increase.
But the fastest-growing billionaire fortunes were not exclusively linked to artificial intelligence or technology. Hamdi Ulukaya, founder and CEO of Greek yoghurt brand Chobani, reached $12.5 billion in estimated net worth (up 443.48% from 2.3 billion in 2025), while metal-processing entrepreneur Yuan Fugen saw his fortune rise from $3.4 billion to $17.4 billion, up 411.76% in one year. Patrizio Vinciarelli, whose wealth comes from power electronics manufacturer Vicor, more than tripled his fortune, from $1 billion to $4.5 billion (up 350%).
Larry Ellison’s Wealth Was Cut Nearly in Half in a Single Year
On the other end of the scale, Larry Ellison, CEO of U.S. cloud company and tech conglomerate Oracle, recorded the largest one-year decline. His net worth fell from $290.60 billion to $151.90 billion, a drop of $138.7 billion, equivalent to roughly $380 million wiped from his fortune every day over the past year. The decline reflects growing scepticism on Wall Street over Oracle’s aggressive AI spending plans and mounting debt load, with investors increasingly questioning whether the company’s cloud infrastructure growth can justify the scale of its investment.
Meta’s Mark Zuckerberg recorded the second-largest decline, with his net worth falling from $245.9 billion to $204.3 billion, a $41.6 billion drop equivalent to roughly $114 million a day. The decline came as investors grew increasingly concerned about Meta’s enormous AI spending, with the company expected to spend as much as $145 billion on capital expenditure in 2026.
Elsewhere, India’s richest man Mukesh Ambani lost $18.5 billion as shares in Reliance Industries weakened, with the conglomerate facing weaker-than-expected earnings, slower growth in its retail business and pressure on its refining operations. Colin Huang’s $12.6 billion decline reflects continuing pressure on PDD Holdings, the parent company of Temu, as the business faced intensifying competition in China and increasing regulatory and trade-policy challenges in international markets. Indonesian tycoon Prajogo Pangestu also saw his fortune fall by $17 billion amid weakness in the shares of companies including Barito Renewables and other businesses in his energy empire; Indonesian stocks linked to Pangestu came under additional pressure after Morgan Stanley Capital International and FTSE Russell both raised concerns around transparency and concentrated ownership.
The Industries Mining Billionaires
Tech is by far the biggest driver of billionaire wealth in 2026, with 511 of the world’s 3,356 billionaires, around 15% of the global total, deriving their fortunes from the sector. Finance & Investments follows with 449 billionaires, while Manufacturing accounts for a further 408. Diversified and conglomerate businesses rank fourth with 267 billionaires, followed by Pharmaceuticals & Healthcare with 256 and Food & Beverages with 241.
The concentration of billionaires in technology is reflected even more strongly in the amount of wealth held by the sector’s billionaires. Collectively, tech billionaires are worth $5.30 trillion in 2026, more than double the combined wealth of Finance & Investments tycoons who collectively own $2.39 trillion. Technology is also home to eight of the world’s ten richest people, including Elon Musk, Larry Page and Jeff Bezos, highlighting the extraordinary fortunes that can be generated by the world’s largest technology companies.
Finance & Investments remains one of the most established routes to billionaire status, with 449 billionaires collectively worth $2.39 trillion. Manufacturing also has a substantial billionaire population, with 408 billionaires and a combined fortune of $1.37 trillion. Meanwhile, diversified businesses and conglomerates account for 267 billionaires worth $1.69 trillion, reflecting the fortunes built across multiple industries and asset classes rather than around a single business sector.
Beyond these leading categories, Pharmaceuticals & Healthcare, Food & Beverages, Real Estate & Infrastructure, and Retail each account for more than 170 billionaires. Together, these sectors demonstrate that billionaire wealth remains highly diverse, spanning everything from healthcare and consumer goods to property and retail, even as technology continues to dominate at the very top of the wealth rankings.
The distribution of billionaire wealth has also shifted significantly over the past year. Technology recorded by far the largest increase, with the combined fortunes of its billionaires rising from $4.28 trillion in 2025 to $5.30 trillion in 2026, an increase of more than $1 trillion in just one year. Finance & Investments followed, with combined billionaire wealth increasing by $263.5 billion, while Manufacturing recorded a $328.3 billion increase, taking the sector’s total from $1.04 trillion to $1.37 trillion.
Several other industries also recorded substantial gains. Cryptocurrency & Blockchain saw one of the fastest expansions in percentage terms, with combined billionaire wealth rising from $189.8 billion to $346.6 billion. Mining & Commodities, Logistics & Transportation, and Telecom also recorded sizeable increases as the fortunes of billionaires across these industries grew during the year.
Not every industry became wealthier over the past year, however. Media & Entertainment was one of the few major sectors to record a decline, with combined billionaire wealth falling from $506 billion to $499.2 billion. The biggest decline came from Canadian billionaire Sherry Brydson, whose fortune fell by $7.6 billion over the year. Her wealth is largely tied to Thomson Reuters, whose shares fell by nearly 18% in February amid concerns over the potential impact of new AI tools on its legal and professional-information businesses.
Consumer Products also declined slightly, from $109.4 billion to $106.8 billion, with Chinese billionaire Chen Zhiping recording the largest individual loss in the sector. The chairman and CEO of vaping-device maker Smoore International saw his fortune fall by $3 billion, from $5.5 billion to $2.5 billion, as the company’s profits fell despite strong revenue growth, with higher costs and increased spending on its own-brand products weighing on its bottom line.
Methodology
To analyse the changing fortunes of the world’s billionaires, the team at BestBrokers analysed data from the Forbes Real-Time Billionaires List as of 27 July 2026. To establish a consistent year-on-year comparison, we used the Internet Archive’s Wayback Machine to retrieve an archived version of the Forbes list from 27 July 2025 and recorded the estimated net worth of the same billionaires at that point in time. This allowed us to calculate how much each individual’s fortune increased or decreased over the one-year period.
Using these datasets, we identified the biggest absolute net worth and percentage gains over a 1-year period, while also calculating how much billionaires’ wealth has increased or shrunk on average every day over the past year. We analysed billionaires by country or territory to compare their numbers and combined wealth, and standardised their primary sources of wealth into 24 industry categories. This allowed us to analyse both the distribution of billionaires globally and how combined billionaire wealth changed across industries between 2025 and 2026.
All figures represent estimates based on Forbes’ Real-Time Billionaires List and archived Forbes data available through the Wayback Machine. Billionaire net worths can fluctuate significantly with changes in public and private company valuations, asset prices and other market conditions, meaning the figures represent a snapshot of estimated wealth on the specified dates. All calculations and comparisons were based on the same methodology and dates to provide a consistent measure of changes in billionaire wealth over the year.
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2. KOF Business Tendency Surveys for July: business situation improving across the board
August 5, 2026
Source: KOF Swiss Economic Institute
Zurich, 08/05/2026, 9 AM
The KOF Business Situation Indicator for the Swiss private sector, which is calculated from the KOF Business Tendency Surveys, rose in July. It had previously fallen for two consecutive months. Business activity is now more buoyant than it was at the start of 2026. Companies’ business forecasts for the next six months are also brightening significantly. Overall, the survey results suggest that the Swiss economy is gaining momentum.
Business is improving in almost all of the sectors surveyed, reflecting a fairly broad-based recovery across the Swiss economy. This improvement is particularly pronounced in the wholesale trade, manufacturing, and financial and insurance services. It is less evident in construction, project engineering, other services and the retail trade. The hospitality sector stands out as an exception: the business situation here is worsening noticeably in both the food-service and accommodation sectors. The deterioration in business is particularly marked among accommodation providers in the major towns and cities.
More upbeat business forecasts point to an economic upturn
The business outlook is consistently positive across all of the sectors mentioned, with expectations for the next six months more optimistic than before. Business confidence for the next six months is rising again in the hospitality sector too, even though restaurants no longer expect to see a turnaround for the better in the current quarter. Overall, the results point to a broad-based recovery in the Swiss economy.
Price inflation not rising any further
On balance, firms are planning to raise their prices almost as frequently as in the previous month. This means that price inflation is currently slightly lower than it was in May and June of this year. This July, companies in the manufacturing sector intended to raise their prices more often than before. By contrast, plans to raise prices in the construction sector are now less pronounced and, in the retail trade and other services, slightly less pronounced than they were previously.
When asked for their assessment of general consumer price inflation over the next twelve months, firms show no overall change compared with the April survey: they continue to expect consumer price inflation of 1.2 per cent on average over this period.
The results of the KOF Business Tendency Surveys for July 2026 are based on responses from around 4,500 firms in the manufacturing, construction and key service sectors. This equates to a response rate of around 57 per cent.
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3. Jobs data shows why economic growth matters
August 5, 2026
Source: New Zealand Government
Today’s labour market statistics confirm what many New Zealanders already know from experience: the second quarter of this year was a tough one, Finance Minister Nicola Willis says.
“April, May and June were difficult months for many employers. They faced real uncertainty and rising costs, and a lot of them made the hard call to hold off on hiring or expanding. Today’s data, showing unemployment at 5.6 per cent, reflects that.
“For the New Zealanders who’ve been out there looking for work in that environment, we know it’s been hard going.
“This is exactly why our focus is on the policies that boost our economy and build business confidence, because confident businesses are the ones who hire people and grow their operations – and it’s encouraging to see recent jumps in business confidence and hiring intentions.
“But to keep our economy growing and creating new jobs, there’s much more to do.
“That’s why we’re backing the tourism and international education sectors to keep growing.
“It’s why we’re fast-tracking major construction projects so the diggers get moving sooner.
“It’s why we’re investing in the infrastructure New Zealand needs to build for the future.
“And it’s why we introduced Investment Boost, so businesses have a real incentive to invest in the equipment that leads to productivity gains, helping to create lasting jobs.
“None of this is about quick fixes. It’s about giving employers the confidence to say yes to that next hire, that next expansion, that next investment. That’s how you turn a tough quarter into a recovering economy.”
Original source: https://nz.mil-osi.com/2026/08/05/jobs-data-shows-why-economic-growth-matters/
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4. EM Services and SPTel Partner to Advance Smart Estate Management Through Digital Connectivity and IoT Solutions
August 5, 2026
Source: Media Outreach
Through this partnership, EM Services and SPTel aim to deliver tangible benefits for both operations and residents, including:
- Faster detection of estate issues
- Faster response and resolution times
- Better use of manpower and resources
- Better services and living environments for residents
“At EM Services, we are continually exploring ways to enhance estate operations and improve the living environment for residents. Our partnership with SPTel brings together operational expertise and digital connectivity to support more proactive estate management. Starting with smart rodent monitoring, we look forward to exploring how technology and innovation can help us respond faster, deploy resources more effectively and deliver better outcomes for the communities we serve.”
CEO
EM Services
By leveraging SPTel’s IoT-as-a-Service platform, LoRaWAN-enabled sensor network, edge cloud capabilities, and resilient connectivity, we are enabling the rapid deployment and scalable growth of smart township solutions. Together, we will turn data into actionable insights that deliver tangible outcomes and improve the quality of life for residents across Singapore”
Ernest Lee
Chief Executive Officer
SPTel
Hashtag: #EMServices #SPTel
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
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5. The Ministry of Justice’s handling of Russell Harrison’s employment
August 5, 2026
Source: New Zealand Ministry of Justice
Headline: The Ministry of Justice’s handling of Russell Harrison’s employment
MEDIA RELEASE
5 August 2026
The Ministry of Justice will strengthen its employment and management practices after recognising it made a number of mistakes in the employment of Russell Harrison, says Secretary for Justice Andrew Kibblewhite.
We have both received an independent legal review of our legal advice and undertaken our own stocktake of what happened. Whilst the independent review noted that it can be notoriously difficult to progress an employment matter where there is a related criminal prosecution, it is also clear we got some key things wrong.
Most significantly we missed the chance to terminate Mr Harrison’s employment when we received his Police vetting report on the same day he was charged. We should have moved to terminate his employment at that point instead of suspending him.
We have also identified the need to implement more systematic oversight and monitoring for complex employment relations matters, and greater specialist advisory support for managers.
As a public agency we must follow the law and respect the rights of employees, but we must also carefully manage how we spend appropriated money – in this case we got the balance wrong and I apologise for that.
I’m committed to ensuring we make the changes required to improve our systems and work.
Actions
As a result, the Ministry will:
- Develop greater depth of expertise and strengthen access to specialist employment law advice and assurance (Lead: Chief Legal Counsel).
- Review and strengthen processes and guidelines for pre-employment checks, conditions of employment, and management controls of conditional employment (Lead: Deputy Secretary Corporate Services).
- Review all employment policy settings for managing prolonged absences relating to criminal charges or allegations of serious misconduct; and provide managers with clear guidance on these expectations (Lead: Deputy Secretary Corporate Services).
- Strengthen decision-making for significant employment matters by clarifying legal, human resources, and operational responsibilities; requiring comprehensive advice, risk assessment, independent review, and documented rationale (Lead: Deputy Secretary Corporate Services, Chief Operating Officer and Chief Legal Counsel).
- Improve senior leadership oversight and escalation of high-risk or long-running
employment matters through structured review points, regular reporting, defined decision points, and no-surprises processes for Ministers (Lead: Deputy Secretary Corporate Services).
All actions will be completed by the end of October 2026.
Accountability for performance
The question of accountability of those involved in this matter will be taken into account in our performance review processes, starting with senior leaders. In relation to me, I will ensure the Public Services Commission has access to all the relevant material.
External review
Arising in part from this matter, the Minister of Justice has asked the Public Service Commission to undertake a rapid Performance Improvement Review of the Ministry of Justice’s operations. As part of that process, the reviewers will look at the Ministry’s management of Mr Harrison’s case and our responses to the shortcomings identified.
Timeline
- Russell Harrison joined the Ministry on 21 June 2021 as part of the new Kaiārahi (Family Court Navigator) service funded in Budget 2020.
- He was charged with serious criminal offences on 30 June 2021 and suspended on full pay on 7 July 2021 (as of February 2026, the pay band for Kaiārahi is $85,562– $116,273).
- The criminal case against Mr Harrison was complex, involving multiple charges and defendants. Difficult evidential issues resulted in a number of appeals and the case was also affected by COVID-19.
- As of January this year, the matter was due to go to trial on 29 July 2026.
- Mr Harrison pleaded guilty to money laundering on Friday 19 June 2026. His employment was then terminated on 24 June following a brief employment process.
Key findings
Finding 1: There was an opportunity to terminate earlier
It has become clear that we missed an opportunity to terminate Mr Harrison’s employment when we received his Police vetting report on the same day he was charged. There was an issue with our legal advice, but there are also questions for the Ministry, as an organisation, about how we consider issues and advice and make decisions. Having reviewed the matter, I now believe we should have moved to terminate Mr Harrison’s employment at that point, instead of suspending him.
Finding 2: Need to implement more systematic oversight and monitoring for complex employment relations matters
Once the decision was made to suspend Mr Harrison on pay, his employment was actively managed. That included regular contact, reviews of whether suspension continued to be the appropriate response, and consideration of a negotiated exit.
But this situation does highlight some of the difficulties of managing an employee who has been suspended while awaiting trial on serious criminal charges:
- An employee who is suspended on pay continues to accrue annual leave. As part of a drive across the Ministry to reduce annual leave balances, Mr Harrison was allowed to cash up a week’s annual leave on two occasions in 2023. Greater consideration should have been given to the best way to manage leave balances for an employee who has been suspended. Mr Harrison’s leave was managed closely after that, and he was required to take his full entitlement of leave each year.
- The Ministry was also aware that Mr Harrison was occasionally undertaking some secondary employment relating to his background as an entertainer. The Ministry has policies that allow secondary employment in certain circumstances, but more thought should have been given to how the public would perceive an employee on special paid leave engaging in secondary employment.
This situation demonstrates the need to implement more systematic and senior oversight and monitoring for complex employment relations matters, and provide greater specialist advisory support for responsible managers.
Correction of previous statement
In the course of looking at our handling of this matter, we became aware of an error in a statement we made on 2 July 2026, after Mr Harrison’s employment was terminated following his guilty plea.
We previously advised that Mr Harrison “started working for the Ministry in June 2021 having passed a criminal record check and vetting.”
References were checked before the offer of employment was made.
However, as is sometimes the case in a recruitment process, the requests for a criminal record check and Police vetting were not submitted until after the offer was made.
The request for a criminal conviction history check was submitted after Mr Harrison started work and received a few days later. It showed he had no criminal convictions.
The request for Police vetting was submitted before Mr Harrison started work, but the report was not received until 30 June. It disclosed the charges laid against Mr Harrison that morning.
I apologise for this error. It was in part driven by the desire to respond quickly to the matters raised, but itself demonstrates the need for more careful oversight.
Andrew Kibblewhite
Secretary for Justice
ENDS
This page was last updated: 05th August 2026
Original source: https://nz.mil-osi.com/2026/08/05/the-ministry-of-justices-handling-of-russell-harrisons-employment/
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6. Crypto Economy – Stablecoins just went mainstream, and most investors haven’t priced it in
August 5, 2026
Source: deVere Group
August 4 2026
Stablecoins just moved to a core financial infrastructure, and most investors haven’t caught up, affirms the CEO of one of the world’s largest independent financial advisory organisations.
Nigel Green of deVere Group’s comments come as Mastercard completed its acquisition of BVNK, the London-based stablecoin infrastructure firm, in a deal worth up to $1.8 billion, including $300 million in performance-linked payments.
It marks Mastercard’s largest move yet into digital currency infrastructure, and the biggest stablecoin infrastructure acquisition on record, surpassing Stripe’s $1.1 billion purchase of Bridge in 2024.
He says: “Mastercard doesn’t make an acquisition like this on a hunch. This is one of the most conservative, risk-averse companies in global finance putting real capital behind stablecoins as permanent infrastructure, not a passing trend.
“Investors still treating digital currencies as a speculative sideshow are behind a shift that just received one of the clearest institutional endorsements it could possibly get.”
The deVere CEO points to the scale of what Mastercard is actually buying as evidence this goes well beyond experimentation.
“BVNK isn’t some early-stage startup with a clever idea and no customers,” he says. “It’s already processing around $30 billion in annualised payment volume, and that figure grew more than double year over year.
“Mastercard is buying proven infrastructure with real transaction volume behind it, not a concept.”
He argues the deal signals a broader shift in how incumbent financial institutions view digital currencies.
“For years, traditional payments companies treated stablecoins with suspicion.
“What we’re watching now is the opposite. Mastercard chose to buy this capability outright rather than partner or build it internally, and that tells you how seriously it takes the competitive threat of standing still.”
Nigel Green notes that BVNK’s reach across more than 130 countries and its work with major clients including Worldpay and Visa Direct point to how embedded this infrastructure already is.
“This technology is already sitting inside some of the biggest names in global payments.
“Mastercard isn’t betting on future adoption. It’s buying into adoption that has already happened.”
He highlights the specific use cases driving this shift as particularly relevant for investors focused on business and institutional finance rather than retail speculation.
“Cross-border B2B payments, remittances, settlement and treasury flows are the areas Mastercard is targeting here.
“These are unglamorous but enormous markets, and traditional rails moving money through them have stayed slow and expensive for years.
“Stablecoin infrastructure fixes that problem directly, and that’s where the real commercial value sits.”
Nigel Green points to the wider pattern of consolidation in this space as confirmation the shift is accelerating.
Stablecoin-related transactions have been rising steadily, with more than a dozen announced last year alone.
“Mastercard’s move is likely to push other incumbents to make similar decisions quickly, because nobody wants to be the payments giant left without this capability.”
The deVere CEO concludes: “Digital currency infrastructure is no longer a fringe allocation for investors comfortable with high risk.
“It’s becoming a core part of how global payments actually function, backed by companies with decades of credibility and enormous balance sheets.
“Investors who wait until this becomes obvious to everyone will likely have missed the point at which real value gets created.”
deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.
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7. Rapid review of Ministry of Justice
August 5, 2026
Source: New Zealand Government
The Public Service Commission will be undertaking a rapid review of the Ministry of Justice, and providing firm guidance to all chief executives on managing employment cases that involve criminal proceedings, Justice and Public Service Minister Paul Goldsmith says.
“What happened with the former Ministry of Justice employee Russell Harrison is utterly unacceptable. I am seriously concerned about how this occurred. It was mishandled consistently for five years.
“Business owners across New Zealand work their way through difficult employment matters every day. New Zealanders expect the Public Service to show the same level of practical management.
“I have received an apology from the Justice Secretary Andrew Kibblewhite. However, we only found out about this entire episode because my office asked. My confidence in the Ministry has been seriously shaken by this.
“Therefore, in my capacity as Minister of Justice, I have directed the Public Service Commission to undertake a rapid review of the Ministry of Justice. This matter will be part of a review of the Ministry’s overall operations and performance. This review will be conducted by Debbie Francis and Steve Haszard.
“In my capacity as Minister for the Public Service, I have instructed Public Service Commissioner Sir Brian Roche to write to all chief executives, setting out strong guidance for managing employment cases that involve criminal proceedings. We need to ensure there are processes firmly in place to stop this from happening again.
“I will be updated on both matters regularly.
“I recognise that chief executives must manage these matters in accordance with fair employment processes, however, that doesn’t mean passive management.
“Where an employee is on pay and not working, I expect agencies to manage the matter actively, make timely decisions, and keep the interests of taxpayers firmly in view. Paying somebody for five years for not working cannot be justified.”
Original source: https://nz.mil-osi.com/2026/08/05/rapid-review-of-ministry-of-justice/
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8. Businesses holding back on hiring as labour market weakens – EMA
August 5, 2026
Source: Employers and Manufacturers Association (EMA)
The EMA (Employers and Manufacturers Association) says today’s increase in unemployment reflects the cautious approach many businesses have adopted as they navigate a challenging and uncertain economic environment.
Stats NZ today reported unemployment rose to 5.6% in the June 2026 quarter, up from 5.3% in the March quarter.
EMA Head of Advocacy Alan McDonald says the result highlights the pressure many businesses, particularly small and medium-sized enterprises, have faced over recent months.
McDonald says today’s result is not unexpected, with Treasury forecasts a year ago suggesting unemployment could reach this level by this point in the year, but that does not make the result good news and it should be seen in context.
“Many businesses have been focused on retaining the staff they already have rather than taking on new employees.
“For some firms, higher costs, weaker demand and global uncertainty have meant delaying investment decisions and being much more cautious about growth.”
McDonald says the June quarter coincided with significant international uncertainty, including the conflict in the Middle East and sharp movements in global oil prices.
“Fuel, transport and input costs matter enormously to New Zealand businesses. The volatility we saw during the quarter affected confidence, investment decisions and hiring intentions.”
McDonald says it is important to remember that unemployment is a lagging indicator.
“These figures reflect what businesses were experiencing during April, May and June. More recent business confidence measures and PMI data have shown some more encouraging signs, suggesting many firms are still looking for opportunities to grow when conditions improve.”
McDonald says the significant increase in the number of young people not in employment, education or training reflects the reluctance of many businesses to take on new staff.
“The rise in the NEET rate (Not in Education, Employment, or Training) is further evidence that employers are concentrating on holding onto the people they have rather than expanding their workforce.
“When recruitment slows, young people are often the first to miss out because entry-level jobs become less available.”
McDonald says restoring business confidence remains critical to improving labour market conditions.
“Businesses want to invest, grow and create jobs. If uncertainty eases and confidence continues to improve, we would expect hiring intentions to strengthen over the coming months.”
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9. Vinhomes Green Paradise receives Smart City Certification based on the Global Iso 37122 Standard
August 5, 2026
Source: Media Outreach
Established in Canada in 2014, the World Council on City Data (WCCD) is committed to helping cities and communities of all sizes globally embrace ISO standardized, independently verified, and globally comparable city data. The organization facilitates data-driven decision-making processes in management, planning, and investment, enabling cities to become more sustainable, safe, resilient, prosperous, inclusive, and smart.
The WCCD team of professionals spearheaded the development and implementation of three international standards on city data, which have been published by the International Organization for Standardization (ISO) in Geneva. These standards, referred to as the WCCD ISO 37120 Series on City Data, encompass ISO 37120 (Indicators for Sustainable Cities), ISO 37122 (Indicators for Smart Cities), and ISO 37123 (Indicators for Resilient Cities).
Since its inception, the WCCD has been expanding its global network of cities dedicated to high-caliber data. The WCCD collaborates with more than 125 cities across 40 different countries.
About Standardized Urban Metrics (SUM):
Cities worldwide are taking centre stage in the drive toward sustainable development and the prosperity of nations. Standardized Urban Metrics (SUM) is designed to build on the strengths of its rapidly expanding global network of city leaders, senior levels of government officials, private capital market professionals and key international organizations and industry innovators dedicated to securing a better future for cities.
SUM’s service provision spans services connected to the ISO 37120 Series (ISO 37120 – Indicators for City Services and Quality of Life, ISO 37122 – Indicators for Smart Cities and ISO 37123 – Indicators for Resilient Cities) in partnership with the World Council on City Data (WCCD). The SUM team work with city leaders and private developers to customize these ISO certifications for new greenfield developments – new cities, new business districts and new communities.
SUM houses a new global first – the ISO 37125 International Standard on Environmental, Social and Governance (ESG) Indicators for Cities and Regions. The SUM ISO 37125 certification protocol supports cities to report ESG city level data in conformity with the ISO globally standardized definitions and methodologies. SUM’s third-party verification process ensures the highest calibre data for cities across the globe. This Standard provides city leaders, governments, and the private sector with a robust, data-driven framework to guide ESG initiatives, drive infrastructure investment, attract investment, create and implement strategic planning decisions, propel innovation, and ensure socially inclusive planning and management. SUM is welcoming cities to join an exciting global cohort of World Premiere Cities – the first ISO 37125-certified cities.
SUM establishes a global hub for innovative learning partnerships among leaders of cities and private capital markets. Together, SUM and its partners foster innovation, imagine alternative futures, and create more livable cities. Certification by SUM underscores a collective commitment to a sustainable and prosperous future for cities and regions.
For more information, please contact:
Dr. Patricia McCarney
President & CEO, World Council on City Data (WCCD) and
Director, Standardized Urban Metrics (SUM)
patricia.mccarney@globalcities.ca
About KMAC
Korea Management Association Consultants (KMAC) is one of Asia’s leading management consulting firms, delivering end-to-end capabilities from strategy formulation and transformation design to operational implementation and performance improvement. For decades, KMAC has served as a trusted innovation partner to the Korean government, public institutions, and leading private-sector enterprises, helping shape and execute initiatives that strengthen national competitiveness, modernize industries, and advance digital and AI transformation, sustainability, and organizational excellence. By combining deep sector expertise, rigorous strategic insight, and proven execution capabilities with an extensive regional network, KMAC enables clients to convert ambitious visions into actionable roadmaps, measurable operational outcomes, and sustainable growth across Asia and global markets.
For more information, please contact:
Mr. Young Hwan Park
Team Lead of Asia Business Center,
Korea Management Association Consultants (KMAC)
Davidpark819@kmac.co.kr
– Published and distributed with permission of Media-Outreach.com.
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10. Communities to design local social services
August 5, 2026
Source: New Zealand Government
Communities in Ōpōtiki, Porirua and on the West Coast have been selected as the first to help design how social services are delivered in their area, Social Investment Minister Nicola Willis says.
Earlier this year, the Government invited communities across New Zealand to apply for Community-led Commissioning, which will give trusted local leaders and organisations with a proven track record more say over how government-funded support is delivered in their communities while holding them accountable for delivering better outcomes.
Toi Rāwhiti in Ōpōtiki, the Porirua Local Group and the West Coast Partnership have now been selected from the 49 applications received.
“Right now, the Government spends more than $8 billion a year on social services delivered by community groups, iwi and non-government organisations,” Nicola Willis says.
“Too much of that money gets tied up in overlapping contracts and duplicated paperwork, following rules written in Wellington that don’t always fit what’s actually needed on the ground.
“We want to flip that. Instead of Wellington deciding how services should run, we’re backing communities to design solutions that actually work for their people – and then holding them to account for delivering better outcomes.
“Ōpōtiki is a close-knit community of around 11,400 people, and the three iwi behind Toi Rāwhiti – Whakatōhea, Ngāi Tai and Te Whānau ā Apanui – bring deep, existing relationships across that community to the table. Their focus is on breaking cycles of disadvantage before they pass to the next generation so that fewer young people end up disengaged from school, work, or their community.
“The Porirua Local Group is made up of Ngāti Toa Rangatira as mana whenua, Porirua City Council, and the Porirua Community Leaders’ Forum, a network of more than 200 local leaders, providers and organisations across the city. The group will focus on priorities set by its own community – secure housing, reliable access to healthy kai, and reducing the harm drugs do to families.
“The West Coast Partnership is made up of Te Tauraki, Pōkeka Poutini Ngāi Tahu, West Coast Community Trust and Homebuilders West Coast, backed by the region’s iwi – Ngāti Waewae and Makaawhio – and the Buller, Grey and Westland district councils. They will focus on connecting health, housing and social support for a population spread across 600 kilometres of coastline, from Karamea to Haast, where distance and isolation make it hard to get help.
“We’ll be contracting for real outcomes, such as fewer people stuck on the Jobseeker benefit, better school achievement, better health outcomes, and fewer offenders and victims of crime.
“The three selected groups will work with the Social Investment Agency over the coming months to build a detailed plan covering who runs things, how they’ll be held accountable, how funding will work, and how conflicts of interest will be managed. Those plans will then go to Ministers for approval.
“I want to thank the many other regions who put in strong applications. Many of them will be strong contenders for future rounds of community-led commissioning as this approach grows.
“I also want to be upfront about the bar here. Communities hold essential local knowledge and relationships. But before any group takes full responsibility for designing local services, their plan has to show real outcomes and accountability – or it doesn’t go ahead.
“Our goal is for this to become the normal way social services are run, not a one-off. Once these three groups can prove it works, we will roll it out more widely.”
Notes to editors:
Applications to take part opened on 14 May 2026 and closed on 12 June 2026. The Government received 49 applications, identified 25 for closer assessment, and shortlisted six communities before selecting the three groups named above.
Although the original intent was to select one or two groups for the first round of Community-led Commissioning, the response from communities was so strong that Ministers chose to move forward with three applications.
Original source: https://nz.mil-osi.com/2026/08/05/communities-to-design-local-social-services/
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